Eligibility Factors That Can Affect Your Financial Aid
Besides your financial circumstances, your financial aid eligibility is also based on other factors.
To be eligible for Castleton Scholarships students are expected to enroll on a full-time basis in a degree seeking program. Eligibility for federal aid programs, including Pell, FSEOG, Federal Work-Study and Direct Loans requires at least half-time enrollment in a degree seeking program.
Returning Federal Funds. Castleton is required to return to the federal aid programs the amount of aid received that was in excess of the aid “earned” for the time period the student remained enrolled. Students who remain enrolled through at least 60% of the payment period (semester) are considered to have earned 100% of the aid received.
Timely Progressions toward degree
Satisfactory Academic Progress
In accordance with Federal regulations, recipients of federal financial aid must maintain a satisfactory rate of progress toward completion of a degree(Pace), must be in good standing based on a cumulative GPA and must meet maximum time frame requirements. See Satisfactory Academic Progress on the Financial aid page of the Castleton website for more information.
Reaching Maximum Federal Aid limits
Pell Lifetime Eligibility Used
The amount of Federal Pell Grant funds you may receive over your lifetime is limited by a new federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding you can receive each year is equal to 100%, the six-year equivalent is 600%.
150% Direct Subsidized Loan Limit
A new provision to the Direct Loan requirements that limits a first-time borrower’s eligibility for Direct Subsidized Loans to a period not to exceed 150% of the length of the borrower’s educational program.
Direct Loan Limits
Aggregate limits on the amount of Federal Direct Subsidized and Unsubsidized Loans based on dependency status and educational program.
Default of a Federal student loan
Students in default on any Federal student loan are not eligible to receive aid from any Federal program until the default status is resolved.
Convicted of a drug offense
For students convicted of possession or sale (including conspiring to sell) of illegal drugs where the offense occurred while the student was receiving Federal Student Aid, the student will be ineligible for Federal Aid funds including, but not limited to, Federal Pell and SEOG Grants, Federal Direct Loans, and Federal Work Study.